Finance

‘Spring cleaning’ for your finances: 12 money moves to make right now

Published

2 years ago

March 17, 2024

Press Room

‘Spring cleaning’ for your finances: 12 money moves to make right now

Spring cleaning can mean tidying up your wallet or pocketbook, as well as your closet.

In the spirit of renewal, here are 12 financial moves you should make this spring. Some are annual rituals, or should be. Others are tasks we tend to put off, but shouldn’t.

1. Revisit your resolutions

Many of us set New Year’s resolutions for 2024 around spending and saving, borrowing and earning, but fewer of us followed through on them.

“For a lot of people, a top money goal was paying off credit card debt or starting an emergency fund,” said Kimberly Palmer, a personal finance expert at NerdWallet. Spring is “the perfect time to see if you’re making any progress,” she said.

And what if you’ve made zero progress?

“For those of us who fell off track, there’s something called a reset button,” said Ashley Folkes, a certified financial planner in Birmingham, Alabama. “Spring offers the perfect opportunity to restart where we left off, without dwelling on regrets.”

2. Clean your financial ‘junk drawer’

Spring offers a chance to sort through that drawer – or box, or unused corner of the dining room table — where you stash financial paperwork to deal with on some unspecified future date.

“You know the one I’m talking about, where you toss all your statements and bills, intending to sort them out later,” Folkes said.

Working through the neglected papers is a great way to ease financial stress, he said. Throw some away. File some away. Deal with the rest, one way or another.

3. Start a 2024 tax folder

Speaking of papers: If you haven’t already, consider setting up a folder to stow all your tax documents for 2024: receipts, donation forms, and anything else you need to report or plan to deduct. Better still, set up one real folder, and another on your laptop, says Jeff Farrar, a certified financial planner in Shelton, Connecticut.

~~This tip comes from Jeff Farrar, a certified financial planner in Shelton, Connecticut.~~

4. Watch that withholding

While you’re at it, look at your W-4 form and make sure you are withholding the right amount of your paycheck.

“Since taxes are on our mind, with April 15 coming, why not get better prepared for next year’s taxes?” Farrar said.

Will you get a refund next year, or will you owe? Most of us have a lot more control over that question than we think, said Jeff Jones, CEO of H&R Block. You may want to reap a large tax refund to help your family’s cash flow. You may prefer to limit your withholding so that you hold onto more of your paycheck until tax time. The decision is yours.

“In general, you can actually control the outcome,” he said. “We try to remind people, it’s really a choice you can make.”

Most of us have fairly predictable income. Take a look at your last few tax returns. Study the pattern. Are your earnings trending up, or down? Then, consult a tax professional.

Taxpayers straightforward returns “can be in much more control if they just get some expert help and think about withholding changes on their W-4 at the beginning of each year,” Jones said.

5. Talk to your tax preparer

More broadly, spring is a great time to have a conversation with the person who prepares your taxes.

“Aside from housing, taxes are most people’s largest annual expense, so it deserves more attention than pulling together your W-2 and 1099s” and sending them in, said David Flores Wilson, a certified financial planner in New York.

“Our advice is to have a thoughtful, proactive conversation with an accountant, CPA, or financial planner after the spring tax deadline so that you can strategize what you can do the rest of the year to lower your taxes prior to next spring,” he said. “Perhaps there are deductions or credits you weren’t aware of.”

6. Max out your retirement plan

You can contribute to an IRA up to April 15 and have the money count toward your 2023 savings. The contribution limit for 2023 is $6,500 if you’re under 50, $7,500 if you’re older.

Even better, get an early start on contributing to your IRA for 2024. The longer the money sits in your retirement account, the longer it can accrue interest.

“There is a 15-month window to make IRA contributions for any given year,” said Mary Ryan, a certified financial planner at Vanguard. “The earlier you make it, the more you benefit from the compounding effect,” earning interest both on the money you’ve saved and on the interest it has already reaped.

Spring is also a good time to challenge yourself to contribute to a workplace 401(k), Wilson said.

Those plans have higher contribution limits: $23,000 in 2024, plus an extra $7,500 if you’re 50 or older.

“Maxing out 401(k) contributions can lower your taxes and get you closer to financial independence,” Wilson said. “Our advice is to marginally increase your contributions every couple of months, up to a level that’s uncomfortable, then back off a little.”

Not saving for retirement? Now is a good time to start.

“Even if you can only save a little right now, getting started is very important, because you want to give your retirement savings time to grow,” said Terri Fiedler, president of retirement services at Corebridge Financial, a financial services company in Houston. “Ideally, you’ll be contributing enough to at least maximize what your employer will match. And if you’re not there yet, look for opportunities to increase your contributions over time.”

7. Name your beneficiaries

Most retirement plans and life insurance policies include beneficiaries: The folks who get the money if you die.

Many of us procrastinate in naming them. In the spirit of spring cleaning, why not name them now?

8. Dust off your estate plan

Speaking of beneficiaries: Anyone with an estate plan should review it every year, or at least any year when a major life event plays out, like a job change, marriage, divorce or arrival of a new child, experts advise.

“An estate plan isn’t something you can set and forget,” Ryan said.

Consider whether you need to update any part of the plan, including your beneficiaries.

9. Book your 2025 vacation in 2024

Setting up vacation plans a year early saves money and gives you more choice of flights and lodgings, experts say. And then there’s the psychological value.

“Studies have shown the anticipation of a vacation is half the psychic value you get out of it,” Farrar said. “So, enjoy this summer’s family vacation, but put next year’s on the calendar, as well.”

While you’re at it, he said, “dig out your passport and check the expiration date. Nothing worse than getting ready for an international vacation and realizing your passport is about to expire.”

10. Review your investment portfolio

“You don’t need to monitor your portfolio on a daily basis,” Farrar said, but spring is an ideal time to review your asset allocation and make sure it suits your needs.

Your mix of stocks, bonds and other investments can drift over time, and your portfolio objectives change.

“Check to see if your allocation of stocks vs. bonds is where you want it to be,” said Maureen Demers, a certified financial planner in North Andover, Massachusetts.

11. Invest in high-yield savings

Yields on savings accounts, certificates of deposit, money market accounts and other savings vehicles have been up for the last year or two, along with interest rates generally.

Yet, many people “are still holding large cash balances in suboptimal, low-yielding vehicles,” Wilson said.

If your savings isn’t earning 5% annual interest, or close to it, consider transferring the balance into a high-yield account.

Growing debt: Our credit card balances threaten to swamp our savings. Here’s how to deal with both

12. Check your credit card

Credit card debt is rising, along with credit card interest rates. Now is a good time to take a good look at your card, especially if you carry a balance from month to month, Palmer said. The key question: “Are you paying more interest than you realize?”

Credit card rates change over time, and lately, they’ve been going up.

If the APR on your card is rising, Palmer said, then it might be a good time to shop around for a new card.

Daniel de Visé covers personal finance for USA TODAY

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Finance

Spanberger taps Del. Sickles to be Secretary of Finance

Published

16 minutes ago

December 23, 2025

Press Room

Spanberger taps Del. Sickles to be Secretary of Finance

Republishing guidelines

by Brandon Jarvis

Gov.-elect Abigail Spanberger has tapped Del. Mark Sickles, D-Fairfax, to serve as her Secretary of Finance.

Sickles has been in the House of Delegates for 22 years and is the second-highest-ranking Democrat on the House Appropriations Committee.

“As the Vice Chair of the House Appropriations Committee, Delegate Sickles has years of experience working with both Democrats and Republicans to pass commonsense budgets that have offered tax relief for families and helped Virginia’s economy grow,” Spanberger said in a statement Tuesday.

Sickles has been a House budget negotiator since 2018.

Del. Mark Sickles.

“We need to make sure every tax dollar is employed to its greatest effect for hard-working Virginians to keep tuition low, to build more affordable housing, to ensure teachers are properly rewarded for their work, and to make quality healthcare available and affordable for everyone,” Sickles said in a statement. “The Finance Secretariat must be a team player in helping Virginia’s government to perform to its greatest potential.”

Sickles is the third member of the House that Spanberger has selected to serve in her administration. Del. Candi Mundon King, D-Prince William, was tapped to serve as the Secretary of the Commonwealth, and Del. David Bulova, D-Fairfax, was named Secretary of Historic and Natural Resources.

This work is licensed under CC BY-NC-ND 4.0

Stories posted on Virginiascope.com are available for publications to republish in their entirety for free.

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Finance

Bank of Korea needs to remain wary of financial stability risks, board member says

Published

12 hours ago

December 23, 2025

Press Room

Bank of Korea needs to remain wary of financial stability risks, board member says

SEOUL, Dec 23 (Reuters) – South Korea’s central bank needs to remain wary of financial stability risks, such as heightened volatility in the won currency and upward pressure on house prices, a board member said on Tuesday.

“Volatility is increasing in financial and foreign exchange markets with sharp fluctuations in stock prices and comparative weakness in the won,” said Chang Yong-sung, a member of the Bank of Korea’s seven-seat monetary policy board.

The won hit on Tuesday its weakest level since early April at 1,483.5 per dollar. It has fallen more than 8% in the second half of 2025.

Chang also warned of high credit risks for some vulnerable sectors and continuously rising house prices in his comments released with the central bank’s semiannual financial stability report.

In the report, the BOK said it would monitor risk factors within the financial system and proactively seek market stabilising measures if needed, though it noted most indicators of foreign exchange conditions remained stable.

Monetary policy would continue to be coordinated with macroprudential policies, it added.

The BOK held rates steady for the fourth straight monetary policy meeting last month and signalled it could be nearing the end of the current rate cut cycle, as currency weakness reduced scope for further easing.

Following the November meeting, it has rolled out various currency stabilisation measures.

The BOK’s next monetary policy meeting is in January.

Reporting by Jihoon Lee; Editing by Jamie Freed

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Finance

Mike Burkhold: A Blueprint for South Carolina’s Financial Future – FITSNews

Published

1 day ago

December 22, 2025

Press Room

Mike Burkhold: A Blueprint for South Carolina’s Financial Future – FITSNews

“I am running because the system needs to be fixed and I have the skills and mindset to do it…”

by MIKE BURKHOLD

***

Earlier this month, at the invitation of Virginia Secretary of Finance Steve Cummings, I spent a full day in Richmond meeting with leaders from across that state’s financial infrastructure. These were not ceremonial handshakes. These were working meetings — substantive, focused and highly instructive.

I met with teams overseeing budgeting, taxation, regulatory oversight, accounting and administration. What I found was a modern, integrated and disciplined approach to managing public money. And it made me even more certain of one thing: South Carolina is ready for change.

***

TEAMWORK AND TALENT MATTER

What stood out most in Virginia was the cohesion. From top to bottom, everyone I met shared the same mission — being responsible stewards of the taxpayers’ money. No silos. No blame games. Just a united focus on efficiency, transparency and performance.

That mindset doesn’t happen by accident. It is baked into the culture. The Secretary of Finance meets quarterly with department heads to review budgets, resolve audit findings and keep teams on track. There is accountability at every level. And it works.

That is what I want to bring to South Carolina. As Comptroller General, my job is to revitalize and modernize a critical finance function and to do it in close partnership with the legislature, the governor and the treasurer. I want to build an office that operates with precision, earns trust and gives lawmakers the clarity they need to govern wisely.

***

THIS IS BIGGER THAN ONE SEAT

I am not running for this office because I want a long political career. I am running because the system needs to be fixed and I have the skills and mindset to do it.

If part of that fix means rethinking whether this seat should remain an elected position then I welcome that conversation. In other states like Florida, voters elect a Chief Financial Officer with broad oversight. In Virginia, the Secretary of Finance is appointed by the governor and oversees all fiscal functions. Either model can work – but both reflect a commitment to modern coordinated financial management.

What matters most is that we have a structure that delivers results and earns the public’s trust. That structure needs to be part of a bigger conversation focused on delivering value to citizens – not maintaining fiefdoms or political turf.

***

RELATED | S.C. ‘REPUBLICANS’ REBUFF TRUMP ON REDISTRICTING

***

PUBLIC SERVICE STARTS WITH LEADERSHIP

One of the most inspiring parts of my trip was seeing the caliber of leaders who had left high-paying private sector roles to serve the people of Virginia. They brought with them a culture of excellence and a belief that good government is possible when the right people step forward.

We have that kind of talent in South Carolina. We just need to encourage more of it. I am stepping up because I believe in servant leadership. I see a seat that has not been led this way in a long time and there is a lot to fix. Not just the systems and operations but also the teamwork and coordination across agencies.

My goal is not what is best for Mike. It is what is best for South Carolina. I want to rebuild the Comptroller General’s office into a trusted partner, a respected institution and a model for modern financial leadership. Then I want to help figure out what structure will best serve the next generation.

***

A MOMENT OF OPPORTUNITY

The recent $3.5 billion error exposed just how outdated and fragile our current systems are. But we are not starting from scratch. We are starting from a place of strength. We have smart people, a strong economy and the will to do better.

Now we need to modernize our expectations. We need to align talent. We need to redesign the systems that manage $40 billion of taxpayer money. And we need leadership that sees the big picture, listens well and gets the details right.

South Carolina’s future is full of promise. But to get there, we need to treat government finance with the same rigor, discipline and urgency as any top-performing business.

That is why I am running. Not to keep a seat – but to serve the mission.

***

ABOUT THE AUTHOR…

Mike Burkhold is a Republican candidate for comptroller general of South Carolina.

***

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